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Global Markets Drop After Greek 'No' Vote

A trader grimaces as he watches his screens at the stock market in Frankfurt, Germany, July 6, 2015.

European stock markets fell at the open Monday after voters in eurozone member Greece rejected austerity demands by international creditors.

However, after quickly dropping around 2 percent, European markets recovered and settled in with 1.5 percent losses in mid-morning trading.

In Asia, Japan's Nikkei lost more than 2 percent at the close, while Hong Kong's Hang Seng dropped more than 3 percent. South Korea's Kospi was also down, along with markets in Sydney and Wellington.

Mainland China markets, somewhat isolated from world markets, initially showed very strong gains Monday after recent severe losses, but the Shanghai Composite eventually closed up 2.4 percent.